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Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit."

A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

A distinction is made in law and public offices between the term business and a company such as a corporation or cooperative. Colloquially, the terms are used interchangeably. (Full article...)

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services.

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses the economy as a system where production, distribution, consumption, savings, and investment expenditure interact, and factors affecting it: factors of production, such as labour, capital, land, and enterprise, inflation, economic growth, and public policies that have impact on these elements. (Full article...)

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American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.

AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. AIG was ranked 60th on the 2018 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $65.2 billion (~$79.7 billion in 2023) in shareholder equity.

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Photo credit: Marlith

Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). The office supply industry was estimated to be worth US$ 225 billion in 1999 and is still growing. As of 2006^[update], the largest office supply chains in the United States (in terms of revenue) are Staples (US$16B), Office Depot (US$15B), and OfficeMax (US$8.9B).

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Downtown Astana

The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms. In 2021, Kazakhstan attracted more than US$370 billion of foreign investments since becoming an independent republic after the collapse of the former Soviet Union.

It possesses oil reserves as well as minerals and metals. It also has considerable agricultural potential, with its vast steppe lands accommodating both livestock and grain production. The mountains in the south are important for apples and walnuts; both species grow wild there. Kazakhstan's industrial sector rests on the extraction and processing of these natural resources. (Full article...)

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"For a long time men failed to realize that the transition from the classical theory of value to the subjective theory of value was much more than the substitution of a more satisfactory theory of market exchange for a less satisfactory one. The classical economists met in the pursuit of their investigations an obstacle which they failed to remove, the apparent antinomy of value. Their general theory of choice and preference goes far beyond the horizon which encompassed the scope of economic problems as circumscribed by the economists from Cantillon, Hume and Adam Smith down to John Stuart Mill. It is much more merely a theory of the "economic side" of human endeavors and of man's striving for commodities and an improvement in his material well-being. It is the science of every kind of human action. Choosing determines all human decisions. In making his choice man chooses not only between various material things and services. All human values are offered for option. All ends and all means, both material and ideal issues, the sublime and the base, the noble and the ignoble, are ranged in a single row and subjected to a decision which picks out one thing and sets aside another. Nothing that men aim at or want to avoid remains outside of this arrangement into a unique scale of gradation and preference. The modern theory of value widens the scientific horizon and enlarges the field of economic studies. Out of the political economy of the classical school emerges the general theory of human action, praxeology. The economic or catallactic problems are embedded in a more general science, and can no longer be severed from this connection. No treatment of economic problems proper can avoid starting from acts of choice; economics becomes a part, although the hitherto best elaborated part, of a more universal science, praxeology."

—Ludwig Von Mises, Human Action, 1949

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Did you know (auto-generated) - load new batch

... that Daniel Davis was the first person in the United States to work with gold and silver electroplating as a business?
... that Roddie Fleming was expecting to inherit the family business, but it was sold to Chase Bank instead?
... that Jay Owen Light aspired to be an astronaut before becoming the dean of Harvard Business School?
... that Svalbard Minute by Minute, a 221-hour-long television broadcast, is credited with increasing tourism in Svalbard by 25 percent?
... that during the Venezuelan general strike of 2002–2003, all but one of Venezuelan chocolatier María Fernanda Di Giacobbe's ten businesses went bankrupt?
... that the first batch of Action Computer Enterprise's Discovery 1600, one of the first multi-user microcomputers, was delivered to a tobacco-growing business in Thailand?

On this day in business history

May 24:

1984 - Vince McMahon, Sr., an American wrestling promoter and businessman, founder of WWE, died on this day.

General images

The following are images from various business-related articles on Wikipedia.

Image 1In 2012, Ambassador-at-Large for Global Women's Issues Melanne Verveer greets participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C. (from Entrepreneurship)
Image 2Lindley LJ was the leading expert on partnerships and company law in the Salomon v. Salomon & Co. case. The landmark case confirmed the distinct corporate identity of the company. (from Corporation)
Image 3Chart of the South Sea Company's stock prices. The rapid inflation of the stock value in the 1710s led to the Bubble Act 1720, which restricted the establishment of companies without a royal charter. (from Corporation)
Image 4Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 5"Jack and the Giant Joint-Stock", a cartoon in Town Talk (1858) satirizing the 'monster' joint-stock economy that came into being after the Joint Stock Companies Act 1844 (from Corporation)
Image 6Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 7McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 8Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 9Time required to start a business in 2017 (from Business)
Image 10Offices in the Los Angeles Downtown Financial District (from Business)
Image 11Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 12Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 131/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)

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More did you know

...that in the United States of America the largest reserve requirement for commercial banks is 10% of liabilities?

...that the United States Federal Reserve System uses six monetary aggregates as components of the money supply?

...that an open market operation is an activity by a central bank to buy or sell government bonds on the open market?

...that, although nominal USA national debt has been steadily increasing since 1940, Debt-to-GDP ratio was actually higher during WWII than it is now?

... that the United States debt ceiling has been steadily raised since 1981?

... the Federal Reserve owns the largest share of the USA national debt?

...the term petrodollars was coined by Ibrahim Oweiss to describe dollars that did not circulate inside the United States, and therefore were not part of the normal money supply, and instead were received by petroleum exporting countries (OPEC) in exchange for oil?